RAS AL KHAIMAH: RAK Properties, Ras Al Khaimah's leading publicly listed property developer, has announced its consolidated financial results for 2024, highlighting strong growth and strategic advancements that set the stage for transformational expansion in 2025.

RAK Properties recorded a 40 percent year-on-year (YoY) revenue increase, reaching AED1.4 billion, up from AED1 billion in 2023.

Profit before tax surged 52 percent to AED308 million compared to AED202 million in the previous year, while net profit rose 32 percent to AED280 million.

Total assets grew by 24 percent to AED8.01 billion as of 31st December 2024, up from AED6.46 billion at the end of 2023, with total equity reaching AED5.53 billion. Strong sales across residential, commercial, and hospitality projects, alongside disciplined cost management, contributed to this growth.

Recurring revenue from hospitality, retail, and leasing assets added AED261 million, reinforcing financial stability and long-term profitability.

Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, "RAK Properties has delivered another outstanding year of financial growth, reflecting the strength of our vision and stakeholder confidence. Our robust balance sheet and performance highlight the continued demand for high-quality developments in Ras Al Khaimah and our ability to anticipate market needs."

"As we enter 2025, we are embarking on a transformative phase, led by the unveiling of the Mina masterplan – Ras Al Khaimah’s most sought-after island living community. Alongside our AED5 billion pipeline and strong recurring revenue portfolio, we remain committed to shaping the emirate’s future with visionary projects that attract investors and enhance communities."

Sameh Muhtadi, CEO of RAK Properties, added, “Following an exceptional 2023, last year was focused on strategic preparation, strengthening our development pipeline, diversifying offerings, and forging key partnerships, including our collaboration with Four Seasons. The rapid sell-out of Mirasol’s first phase, our inaugural project in Mina for 2025, underscores the strong demand for our developments. We are committed to delivering projects with speed and precision, setting new benchmarks in quality and innovation.”

RAK Properties’ development backlog stands at AED1.9 billion, ensuring strong revenue visibility for the coming years. The residential portfolio accounts for 49 percent of total assets, valued at AED8.01 billion as of December 2024. The company completed 3,265 units, with an additional 2,797 under construction.